CODE OF VIRGINIA

CONVERSION OF CONVERTIBLE SPACES (§ 55-79.62)

(a. The declarant may convert all or any portion of any convertible space into
one or more units and/or common elements, including, without limitation, limited
common elements, subject to any restrictions and limitations which the
condominium instruments may specify. Any such conversion shall be deemed to have
occurred at the time of the recordation of appropriate instruments pursuant to
subsection (b) hereof and subsection B of § 55-79.58.

(b. Simultaneously with the recording of plats and plans pursuant to subsection
E of § 55-79.58, the declarant shall prepare, execute, and record an amendment
to the declaration describing the conversion. Such amendment shall assign an
identifying number to each unit formed out of a convertible space and shall
allocate to each unit a portion of the undivided interest in the common elements
appertaining to that space. Such amendment shall describe or delineate the
limited common elements formed out of the convertible space, showing or
designating the unit or units to which each is assigned.

(c. If all or any portion of any convertible space is converted into one or more
units in accordance with this section, the declarant shall prepare and execute,
and record simultaneously with the amendment to the declaration, an amendment to
the bylaws. The amendment to the bylaws shall reallocate votes in the unit
owners’ association, rights to future common profits, and liabilities for
future common expenses not specially assessed, all as in the case of the
subdivision of a unit in accordance with subsection D of § 55-79.70.

(d. Any convertible space not converted in accordance with the provisions of
this section, or any portion or portions thereof not so converted, shall be
treated for all purposes as a single unit until and unless it is so converted,
and the provisions of this chapter shall be deemed applicable to any such space,
or portion or portions thereof, as though the same were a unit.

HISTORY: 1974, c. 416; 1999, c. 560.